Micro, Small and Medium Enterprises (MSMEs) form the backbone of the economy, with 97 per cent of some 6,570 active enterprises classified as MSMEs, said Deputy Minister of Finance and Economy (Economy) Dato Seri Paduka Haji Khairuddin bin Haji Abdul Hamid yesterday.
“These MSMEs serve as a significant contributor to job creation in Brunei Darussalam, accounting for over 60 per cent of the total employment in the private sector and contribute to approximately 40 per cent of our nation’s gross domestic product, highlighting their importance in fostering economic resilience and sustainability,” said the deputy minister during the second ‘Enterprise Growth Connect: A Forum and Networking Event’ (EGC) at Tarindak D’Seni.
The deputy minister, also the Co-Deputy Chairperson of the Brunei Economic Development Board (BEDB) and Darussalam Enterprise (DARe) said because of MSMEs contribution to economic development, it is the responsibility of stakeholders and advocates of the entrepreneurial community to ensure MSMEs have access to the skills and resources for their growth and sustainability.
He added the government is actively supporting the growth and development of MSMEs through DARe, and introduced policies and initiatives to make the country’s environment more conducive and business friendly.
“These include facilitating access to financing, providing comprehensive training and development programmes, offering incubation facilities, enhancing infrastructure and facilitating international market access,” he said.
“MSMEs are also instrumental in promoting inclusive growth and reducing income inequality by providing opportunities for skills development and grassroots entrepreneurship. By integrating small businesses into the value chains of larger corporations, we create symbiotic relationships that yield mutual benefits for both parties.”
Such integration will open doors to new markets, resources and expertise as well as fostering MSME growth and competitiveness while larger corporations stand to diversify supply chains, access innovative solutions and enhance social impact by supporting the growth of smaller businesses. The deputy minister said the EGC serves as an invaluable platform to forge meaningful connections, exchange ideas and explore potential synergies.
The inaugural EGC was held in March 2023. This year’s theme is ‘Thrive Through Transformation: Entrepreneurial Adaptability’ aimed to highlight the importance of being innovative and adaptable for businesses to remain relevant.
Co-Founder of Soup Spoon Anna Lim from Singapore and Head of Global Partnerships at ParagonCorp (Wardah Beauty) Guzelya Marisova from Indonesia were invited as international speakers who shared their business journeys with the participants yesterday. – Rokiah Mahmud
